Outside of this website I've never met a person who buys a new phone every year. It's closer to every 3-4 years for most people.

Closer to every 5-6 years these days and with ram prices going up it will be even longer. Especially with the low/mid range phones, which are most phones outside some developed countries, people will keep their phones as long as they can.

Would depend on the income levels, but yeah, buying a new phone these days is entirely a non essential luxury. An iphone easily lasts 7 years so the moment money is tight, it's a very easy choice to not buy a new one.

I mean are there even any reasons to buy a new phone?

If I compare the Pixel 6 Pro I'm using at the moment to current models, they are functionally identical. The only reason to upgrade might be getting a fresh battery and access to firmware updates.

Otherwise I'd be happy to continue using it for the next 10 years.

I only buy phones if the current one starts showing signs of deterioration, mostly battery.

I swear a midrange Chinese phone from 2017 would be enough for me in 2026 to read HN/Whatsapp and some Youtube.

Your location/income bias is showing. Most people do not buy new phones every year.

I live in the bay area and buy a phone maybe every 3 years? Why do people waste so much money :D

I never said most people. But it's not uncommon. I personally find it ridiculous, and hold onto my phone until it's unusable, but plenty of people in middle class Australia seem convinced that they need the new one whenever it comes out.